Mastercard (MA) Operating Expenses (2009 - 2026)
Mastercard's Operating Expenses was $3.69 billion in Q2 2026, up 10.0% from $3.36 billion a year earlier and up 5.7% from the prior quarter.
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Analysis
Mastercard (MA) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Mastercard's Operating Expenses was $14.62 billion through Jun 30, 2026, up 9.3% year-over-year; for FY2025, it came in at $13.89 billion, up 10.4% from FY2024.
- Operating Expenses has now increased for five consecutive years, with a five-year compound annual growth rate of 14.0% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $12.59 billion in FY2024 (+13.5%), $11.09 billion in FY2023 (+11.2%), $9.97 billion in FY2022 (+13.3%) and $8.8 billion in FY2021 (+21.9%).
- Quarterly Operating Expenses has moved between $2.22 billion (Q1 2022) and $3.9 billion (Q4 2025) over five years.
- Compared with a year earlier, Operating Expenses has increased for 23 straight quarters, with growth averaging 12.8% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 1.7% (Q3 2023) and 30.9% (Q3 2021) over the last five years.
- Per Business Quant data, MA's Operating Expenses in the three quarters before Q2 2026 was $3.49 billion (Q1 2026), $3.9 billion (Q4 2025) and $3.54 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 687.36 Bn | 630.68 Bn | - | 4.76 Bn |
| 2 | Mastercard | 513.04 Bn | 472.96 Bn | - | 3.69 Bn |
| 3 | Wise | 14.65 Bn | 14.65 Bn | - | - |
| 4 | Remitly Global | 5.11 Bn | 2.76 Bn | 307.34 Mn | 428.48 Mn |
| 5 | Western Union | 1.91 Bn | -2.11 Bn | 336.50 Mn | 881.10 Mn |
| 6 | International Money Express | 382.67 Mn | -237.48 Mn | - | 122.41 Mn |
| 7 | Currenc | 167.21 Mn | -59.72 Mn | 3.70 Mn | -22.77 Mn |
| 8 | Sentage Holdings | 4.88 Mn | 4.88 Mn | - | - |
| 9 | American Express | 208.01 Bn | -160.24 Mn | - | 14.48 Bn |
| 10 | Capital One Financial | 122.27 Bn | 122.27 Bn | - | 9.04 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.69 Bn |
| Mar 31, 2026 | 3.49 Bn |
| Dec 31, 2025 | 3.90 Bn |
| Sep 30, 2025 | 3.54 Bn |
| Jun 30, 2025 | 3.36 Bn |
| Mar 31, 2025 | 3.10 Bn |
| Dec 31, 2024 | 3.55 Bn |
| Sep 30, 2024 | 3.37 Bn |
| Jun 30, 2024 | 2.93 Bn |
| Mar 31, 2024 | 2.74 Bn |
| Dec 31, 2023 | 3.18 Bn |
| Sep 30, 2023 | 2.69 Bn |
| Jun 30, 2023 | 2.61 Bn |
| Mar 31, 2023 | 2.61 Bn |
| Dec 31, 2022 | 2.63 Bn |
| Sep 30, 2022 | 2.64 Bn |
| Jun 30, 2022 | 2.48 Bn |
| Mar 31, 2022 | 2.22 Bn |
| Dec 31, 2021 | 2.39 Bn |
| Sep 30, 2021 | 2.27 Bn |
API Access
Mastercard Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();